Global finance ministers have called for quick and effective action to safeguard faltering economic growth and rebuild shaken confidence.

The ministers warned Saturday at the annual meeting of the International Monetary Fund in Tokyo that global economic growth is slowing and substantial uncertainties and risks remain.

The IMF communique said the policies of advanced economies should be as growth-friendly as possible.

The finance ministers said emerging economies need to ensure “flexibility in policy implementation” to support growth.

U.S. Treasury Secretary Timothy Geithner told his fellow financial leaders the U.S. still has much work to do, despite making some fiscal progress. His comment came just hours after government officials announced in Washington that the nation's budget deficit had topped $1 trillion for a fourth straight year.